Market Scenario
Smart grids are electricity networks which contain renewable energy resources, energy efficient resources, and smart devices connected to the grid. It integrates the behaviors of consumers and devices for ensuring low losses and safe supply of power. The global smart grid networking report by Market Research Future (MRFR) includes rollout of new policies, shift to smart devices for allocation and distribution of power, and applications for the period of 2017 to 2023 (forecast period). The outbreak of the COVID-19 virus and the analysis on the smart grid networking industry analysis are noted in the report.
Market Scope
The global Smart Grid Networking Market is expected to grow at a CAGR of 10% during the forecast period. Energy management is one of the primary drivers of the market. It can push the smart grid networking market size to USD 17 billion by 2023. The demand for power and upgrades on smart grid infrastructure can bode well for the market. Installation of communication networks on utility grids for transferring accurate information between systems and improving the security and integrity of the network will lead to huge dividends for the market.
Rise in renewable energy projects and the modernization of infrastructure for handling the large volume of power can favor the global smart grid networking market. Government support and investments by organizations for lowering transmission losses and enhancing usage can affect the market.
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Key Players
Some of the prominent players in the global smart grid networking market are ABB Group (Switzerland), Cisco Systems, Inc. (U.S.), Mitsubishi Electric (Japan), Fujitsu (Japan), General Electric Company (U.S.), Huawei Technologies Co. Ltd. (China), Itron (U.S.), Schneider Electric SE (France), Siemens AG (Germany) and Trilliant Holdings, Inc. (U.S.) among others.
Global Smart Grid Networking Market: Segmental Analysis
The global smart grid networking market is segmented by hardware, software, and service. Based on hardware, the market is segmented into smart meter communication modules, switches, cables, controllers, routers, and others. The smart meter communication modules segment is expected to garner significant share owing to the efficiency of smart meters in recording the power consumption in real-time.
Based on software, the market is segmented into network configuration management, network performance monitoring management, network security management, IP address management, network traffic management, network device management, and others. The network performance monitoring management segment is expected to exhibit a superior growth rate over the forecast period owing to increasing focus on power consumption. The trend of smart and energy efficient management systems can influence the segment growth.
Based on service, the market is segmented into network risk and security assessment, network maintenance & support, consulting, network planning, design and integration, and others.
Regional Insights
The global smart grid networking market is studied in Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). It has been observed that North America is estimated to account for the largest share of the market, whereas APAC is projected to grow at the fastest rate during the forecast period.
The growth of the market in North America is attributed to technological advancements and increased adoption of smart grid networking applications across various industry verticals. The U.S. and Canada are expected to contribute to the regional smart grid networking market owing to integration of artificial intelligence by major utility providers. Deployment of smart grids and a well-established infrastructure can influence the market demand.
APAC is touted to display a stellar growth rate overt the forecast period owing to implementation of energy management systems and wireless mesh networks. The undertaking of renewable energy projects in India and China and integration of advanced metering infrastructure can benefit the market. The constant energy demand and efforts to modernize the power infrastructure can drive the regional smart grid networking market.
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Intended Audience
- Technology Investors
- Research/Consultancy firms
- Government Bodies
- Smart Grid Manufacturers
- Smart Grid Network Providers
- Information Technology (IT) developers
- Consulting service providers
- Technology Providers
- System integrators
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